Management decision making involves a process and various methods. The document discusses classical, behavioral, and modern management theories. It also outlines the decision making process as identifying a problem, searching for alternatives, evaluating options, choosing an alternative, taking action, and reviewing results. Methods of decision making discussed include simulation and Markov analysis. Examples of using simulation and Markov chains to model real-life scenarios like customer brand selection are provided. Future applications of simulation in design and innovation are also discussed.
The Decision-making Process, make it your competitive advantageRon McFarland
How good is your company’s decision-making process? In term of making the right decisions quickly and executing fast, how competitive are you? I researched processes to improve on this sometime back and made a presentation on it and presented it in Japanese several times. Have a look at this English version of that presentation. I hope it is helpful and generates some ideas.
Decision making, Importance of
Decision-Making, Characteristics of
Decision-Making, Essentials for effective
Decision-Making, Types/ categories of Problems and Decisions, TYPES OF BUSINESS DECISIONS, Open decision making System, Decision Making Environment, The Classical Model of decision making, Decision making process, Decision Making Style
The Decision-making Process, make it your competitive advantageRon McFarland
How good is your company’s decision-making process? In term of making the right decisions quickly and executing fast, how competitive are you? I researched processes to improve on this sometime back and made a presentation on it and presented it in Japanese several times. Have a look at this English version of that presentation. I hope it is helpful and generates some ideas.
Decision making, Importance of
Decision-Making, Characteristics of
Decision-Making, Essentials for effective
Decision-Making, Types/ categories of Problems and Decisions, TYPES OF BUSINESS DECISIONS, Open decision making System, Decision Making Environment, The Classical Model of decision making, Decision making process, Decision Making Style
Short presentation on Decision making.
Decision making variables, Types of managerial decision, Decision making process and Techniques for Stimulating Creativity
Within this Presentation Will help you to improve the basic understanding about Decision Making Process as well as to help the Group for Making Decision.
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Decision makingDecision makingDecision making
CONTENTS ON:
decision making process,
decision making categories,
decision making situations,
decision making models,
decision making styles,
participation in decision making.
This ppt will explain you the Defintion ,detailed explanation of phases with necessory diagrams, Applications ,Limitations and scope of Operations Research
Short presentation on Decision making.
Decision making variables, Types of managerial decision, Decision making process and Techniques for Stimulating Creativity
Within this Presentation Will help you to improve the basic understanding about Decision Making Process as well as to help the Group for Making Decision.
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision making
Decision makingDecision makingDecision making
CONTENTS ON:
decision making process,
decision making categories,
decision making situations,
decision making models,
decision making styles,
participation in decision making.
This ppt will explain you the Defintion ,detailed explanation of phases with necessory diagrams, Applications ,Limitations and scope of Operations Research
This is a chapter on Total QUality management that spells out the importance of approaching quality as a team and not as a hierarchical distribution and delegation of responsibilities. The emphasis is the Deming philosophy on quality management
this is book which prescribed for mechanical engineering students its one of there paper in engineering subjects dat to for final years. it is easy to understand nd best for scoring
This presentations covers Definition of Operations Research , Models, Scope,Phases ,advantages,limitations, tools and techniques in OR and Characteristics of Operations research
Management science , system theory, contingency theory (comparison)ErTARUNKASHNI
Definition of Management Science
History of Management science
Introduction to management science approach
Features of management science approach
Applications of management science approach
Process of management science approach
Advantages & disadvantages of management science approach
Introduction to system theory
History of system theory
Applications of system theory
Process of system theory
Types of system theory
Advantages & disadvantages of system theory
Introduction to contingency theory
History of contingency theory
Features of contingency theory
Advantages & disadvantages of contingency theory
Comparison of system vs contingency theory
Production and Operations Management
Product Vs Service
Concept of Production and OM
Functions /Scope of POM
Operation Strategy
Transformation Process
Product Design & Product Process
History of POM
Issues in POM
The series of presentations contains the information about "Management Information System" subject of SEIT for University of Pune.
Subject Teacher: Tushar B Kute (Sandip Institute of Technology and Research Centre, Nashik)
http://www.tusharkute.com
This is a power point presentation to help new inspired business school students or for that matter any student inspired to start a business and do not have much needed investment.
Quantitative Data AnalysisReliability Analysis (Cronbach Alpha) Common Method...2023240532
Quantitative data Analysis
Overview
Reliability Analysis (Cronbach Alpha)
Common Method Bias (Harman Single Factor Test)
Frequency Analysis (Demographic)
Descriptive Analysis
Techniques to optimize the pagerank algorithm usually fall in two categories. One is to try reducing the work per iteration, and the other is to try reducing the number of iterations. These goals are often at odds with one another. Skipping computation on vertices which have already converged has the potential to save iteration time. Skipping in-identical vertices, with the same in-links, helps reduce duplicate computations and thus could help reduce iteration time. Road networks often have chains which can be short-circuited before pagerank computation to improve performance. Final ranks of chain nodes can be easily calculated. This could reduce both the iteration time, and the number of iterations. If a graph has no dangling nodes, pagerank of each strongly connected component can be computed in topological order. This could help reduce the iteration time, no. of iterations, and also enable multi-iteration concurrency in pagerank computation. The combination of all of the above methods is the STICD algorithm. [sticd] For dynamic graphs, unchanged components whose ranks are unaffected can be skipped altogether.
The Building Blocks of QuestDB, a Time Series Databasejavier ramirez
Talk Delivered at Valencia Codes Meetup 2024-06.
Traditionally, databases have treated timestamps just as another data type. However, when performing real-time analytics, timestamps should be first class citizens and we need rich time semantics to get the most out of our data. We also need to deal with ever growing datasets while keeping performant, which is as fun as it sounds.
It is no wonder time-series databases are now more popular than ever before. Join me in this session to learn about the internal architecture and building blocks of QuestDB, an open source time-series database designed for speed. We will also review a history of some of the changes we have gone over the past two years to deal with late and unordered data, non-blocking writes, read-replicas, or faster batch ingestion.
Ch03-Managing the Object-Oriented Information Systems Project a.pdf
DECISION MAKING PROCESS IN MANAGEMENT
1. A Discussion on Management
Decision Making Process &
Method
PREPARED BY:
SOUMYA PATTNAIK
SAMBIT KUMAR SAHU
SUPRIYA MOHANTY
AMAR SINGH GOGE
SUSMITA MOHAPATRA
UNDER THE GUIDANCE OF:
Prof. (Dr.) SREEKUMAR
2. CONTENT
WHAT IS MANAGEMENT?
DEFINATION
CLASSICAL THEORY
BEHVIOURAL THEORY
MODERN THEORY
DECISION MAKING
PROCESS OF DECISION MAKING
METHODS OF DECISION MAKING
APPROCHES TO PROBLEM SOLVING
MATHEMATICAL PROBLEM ON SIMULATION AND
MARKOV ON REAL-LIFE EXAMPLE
FUTURE SCOPE OF SIMULATION AND MARKOV
CONCLUSION
3. WHAT IS MANAGEMENT?
• Process of planning, leading & controlling the
work of a organization & resources to reach
the started organization goals.
• It is said by Paul Hawken, (an US entrepreneur
and author) that Good management is the art of
making problems so interesting and their
solutions so constructive that everyone wants
to get to work and deal with them.
4. DEFINITIONS
According to Peter Ducker Management is
a multi-purpose organ that manages
businesses & manages managers &
manages workers & work.
According to Mary Parker Follet
Management is the getting things done
through people.
According to Henry Fayol manage is to
forecast and to plan, to organize, to
command, to co-ordinate & to control.
5. CLASSICAL THEORY
• Frederick W. Taylor
Scientific
Management
• Henery Fayol
Administrative
Management
• Max WeberBureaucracy
6. ABOUT SCIENTIFIC
MANAGEMENT
This implies the art of knowing what
is to be done. Under this approach
scientific technology are applied in
the recruitment selection and training
of workers . This is also used in
talking various industrial problems.
7. ADMINISTRATIVE
MANAGEMENT
Administrative Management is concerned
about the design and management of an
organization in the lesson . This theory
generally calls for a formalized
administrative structure , a clear division
of labor and delegation of power.
8. BUREAUCRACY
According to the bureaucratic theory
of Max Weber , bureaucracy is the
basis for the systematic formation of
any organization and is designed to
ensure efficiency and economic
effectiveness.
9. BEHAVIOURAL THEORY
• Hawthorne
Studies
• Contributions of
Elton Mayo
Human Relation
Movement
• Contributions of
Maslow
• Classification of
Human needs by
Maslow as under
Behavioral
Science Approach
Behave: to act in a particular way of a thing : to function , to
react or to move
10. BEHAVIORAL SCIENCE
APPROACH
• Abraham Maslow , Douglas McGregor and other
researchers used techniques that were about
different attitudes , behaviour and functions of
individuals and groups in various organization.
• This approach assumes that social and
psychological features of an employee on
individuals basis and a part of a work group need
to be given prime importance.
11. HUMAN RELATION MOVEMENT
• Application of behavioral science to
management theories.
• Stemmed from Hawthorne studies is based on
the idea that a manager’s concern for workers
will lead to their increased satisfaction and
improved performance.
13. QUANTITATIVE APPROACH
Focused(knowing what you are looking for)
Explanatory(testing theories/models)
Objectives(removes the researcher bias)
Statistical (analysis of number)
Scientific (use of experimental methods)
SYSTEM APPROACH
A system approach is set of interrelated parts
arranged in manner that produces a unified whole.
14. CONTIGENCYAPPROACH
Contingent (meaning):subject to chance; unpredictable
The essence of contingency approach to leadership
is that leaders are most effective when they make
their behavior contingent upon situational forces,
including group member characteristics.
SOCIAL SYSTEM APPROACH
The patterned series of interrelationships existing
between individuals, groups, and institutions and
forming a coherent whole . Coherent-logically and well organized
DECISION MAKING APPROACH
This theory states that how decision should be made
to achieve the desired outcomes
15. QUANTITA
-TIVE
APPROCH
David R.
Anderson ,
Dennis J.
Sweney ,
Thomas A.
Williams
SYSTEM
APPROCH
Danial Katz
and Robert
L. Kahn ,
Aurthur G.
Bedeian and
William F.
Glueck ,
CONTIGEN
-CY
APPROCH
C K
Prahalad
SOCIAL
SYSTEM
APPROCH
Chester
Barnard
DECISION
MAKING
APPROCH
Herbert
Simon
16. DECISION MAKING
Decision making is an integral
part of management. The
decision maker selects one
strategy over others depending
on same criteria like: utility,
sales, cost or rate of return. The
specific combination of goals is
not entirely depending on the
decision maker. That is, the
value system is usually
modified by other interested
groups like, stock holders,
employers, unions, creditors,
government, etc.
17. PROCESS OF DECISION
MAKING
specific
objective
identification
of problem
search for
alternatives
evaluation of
alternative
choice of
alternatives
action
result
Source:FIG1: Decision making process; L.M PRASAD PAGE -179 PRINCIPLE AND PRACTICE OF
MANAGEMENT
18. METHODS OR TOOLS OF
DECISION MAKING
Simulation Method- There are many problems in real life we
can’t specify the problem or repressed it mathematically due to
stochastic nature. Thus in such situation stimulation is of an use when
all else fail because it solve the complexity in the problem
formulation, conflicting idea needed to properly describe the problem
under this is also call as method of last result.
Markov Analysis- A stochastic (or random) system is called a
Markov Process if the occurrence of a future state depends on the
immediately preceding state & only on it.
19. WHY DECISION MAKING
PROCESS IS REQUIRED
Making choices by identifying a decision.
Also for gathering information, and assessing
alternative resolutions.
Using a step-by-step decision-making process.
Thoughtful decisions by organizing relevant
information and defining alternatives
20. APPROACHES TO PROBLEM SOLVING
SOURCE: MANAGEMENT THEORY AND PRACTICE P. SUBBA RAO , HIMALAYA PUBLISHING
HOUSE ISRO 9001:2008 CERTIFIED (2ND REVISED EDITION 2014) PAGE:134
21. SIMULATION
A. People arrive at the Rourkela Railway
station to buy tickets according to the
following distribution. (DATE-13-10-18)
Inter-arrival Time (Min.) Frequency
2 10
3 20
4 40
5 20
6 10
Contd.
24. Average waiting time before service.
= Total waiting time (person)/Total no. of arrivals
= 39/12 = 3.25 minutes.
Average time a person spends in the system.
= Service time + Average waiting time before service
= 5 + 3.25 = 8.25 minutes.
MARKOV EXAMPLE: (CHAIN METHOD)
The transition probability matrix for three months period
concerning two brands of face wash is as under:
TO
FROM
Himalaya face wash Clean and clear face
wash
Himalaya face wash 0.7 0.3
Clean and clear face wash 0.4 0.6
Fig: referred table: from s kalavathy; operations research 4th edition CONTD.
26. STEADY – STATE METHOD
Let say, Himalaya = h
Clean and clear = c
As we know probability 1 + probability 2 = 1
Therefore, here h + c =1 equation 1
Now,
If h = 0.7h + 0.4c
h= 0.7h + 0.4 (1-h)
h = 0.4/0.7
h = 0.571
Putting the value of “h” in equation 1 we get:
h + c = 1
0.571 + c = 1
c = 0.428
So, h + c = 0.571 + 0.428 = 0.999 which is nearly equal to 1.
27. FUTURE SCOPE
In simulation:
From the Business Advantage resource group, 55% of
design users are aware of simulation but only 34% use
simulation in their designs. However, according to the
report, simulation is ranked 4th out of the 15 most
important CAD trends. Engineers can now build
simulation apps with the help of cloud computing and
storage. Instead of shifting their focus from current
projects, engineers could let their colleagues run an app to
perform an analysis on their own, and then suggest a
design change based on the app results.
CONTD.
28. • One of the most common words you hear from manufacturers
today is “innovation,” but what that might mean is specific to
each one.
• In any case, innovation is likely a placeholder for a dramatic
change in how products function, the process in which they
were designed, the materials and/or manufacturing process
used in their construction or perhaps the sales model in which
consumer access them.
• Each of these axes of innovation mean that a company has to
move away from its comfort zones , areas of experience and
instinct that have been used to drive their traditional business.
• Simulation enables a cost-effective examination of “what if”
scenarios, system interactions, and malleable topologies that
traditional design processes would not have time to consider.
29. In markov process
• Markov Chains Method is used intensively for
research conducted on such social topics as the brand
selection of customers, income distribution,
immigration as a geographic structure, and the
occupational mobility Markov Chains Model is
frequently used for topics such as “brand loyalty” and
“brand switching dynamics”.
30. CONCLUSION
• We have used simulation here for determining the railway
station survey that what are the average waiting time before
and after service. Here it is a simple problem where we have
used simulation. But in large companies simulation can be
used in many of purpose especially for designing. This
enables a cost-effective examination of “what if” scenarios,
system interactions, and malleable topologies that
traditional design processes would not have time to
consider.
• We have also used Markov chain as a forecasting tool that
could be used to determine market environment in the
future. This would in no small way assist marketing
managers to compare the intensiveness gained in a
particular period of time with product life cycle and also
allow them to measure the effect of structural changes
such as promotions and price cuts.
31. • It is evident that when consumers cannot derive
satisfaction from a product, they switch to other
brands. This makes a product to lose market to others
which eventually reduces the profit level of the product
that loses market to others.
• For the level of switching and market share to be
minimized, producers of products must be consumer
oriented in totality and maintain quality of their products.
Marketing managers should not also allow their
products to be out of market to avoid irreversible
substitute.
• It was observed that the switching of the face wash by
one customer can also determine the same with a variety
of customer of different groups , it is obvious that the
Markov chain is an important technique in showing
the tendency of a customer to be brand loyal in a long
period of time and in determining the market share of
the brands.
CONTD.
32. • In this study it was observed that in forming
the tendency of customers on becoming brand
loyal, the advertising of the brand play an
important role.
• Hence by taking these two tools we can make
a proper and suitable decision which can
effectively help an organization to make
befitting decision for a particular situation.